Right after the post yesterday on my prediction of an increase in the crime rate, addressing the socio-economic issues of our black, white and Hispanic classes with the housing meltdown, this report from Boston.
Economics folks are destiny. Not genetics. Not skin color. Simple personal economics.
And when you heard Bush, among others of course, pumping home ownership as the American Dream a year ago with the "ownership society", thus encouraging the houseless to get housed (or hosed), it was the last sucker in, and unfortunately, cruely, that was disproportionately the lowest socioeconomic rung - made up disproportionately of minorities.
The rich white guy telling the poor Blacks and Hispanics to buy at the top. Maybe Kanye West had a point there..
Homeowners stretched perilously - More than a quarter in Boston spend at least half their pay on housing. Blacks are hit hard.
If the nation's real estate boom collapses, its first victims may well be low-income minorities and immigrants in a big US city like Boston.
That is the picture emerging here as foreclosures rise and the housing prices falter. More than one-quarter of Boston's mortgage-holders appear to be stretched thin financially, spending at least half their income on housing, according to an analysis of census figures. That's more than twice the national average and the highest of any major city except Miami.
The trend is especially worrisome, the analysis shows, because these vulnerable homeowners tend to be minorities and immigrants who, experts say, often hold the riskiest mortgage loans.
The threat has implications not only for Boston, whose population would have shrunk without an influx of immigrants, but for the US.
The pressure appears greatest for minorities and immigrants, says Dr. Sum, who conducted the census analysis. Statewide, 33 percent of blacks with mortgages were paying half or more of their gross income toward monthly housing costs, and 29 percent of Hispanics were, more than double the average, he says. And 22 percent of foreign-born fell into the category. Such factors could not be broken down for Boston because the census data are limited.